US asset managers race to list bitcoin-trading funds
Management's plans to list bitcoin funds on Intercontinental Exchange's NYSE Arca are pending regulatory approval.
Dubai - Emirates Voice
US fund managers are ramping up efforts to tap into the fever surrounding digital assets, and the latest planned bitcoin products could deliver some head-turning and stomach-churning price movements if they come to market.
The new idea is to build “leveraged” and “inverse” funds that would rise - or fall - twice as fast as the price of bitcoin on a given day.
Direxion Asset Management plans to list such products on Intercontinental Exchange's NYSE Arca exchange if US securities regulators give the nod, according to a filing by the exchange this week.
In the filing, the exchange said the listing “will enhance competition among market participants, to the benefit of investors and the marketplace.”
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Taipei - Emiratesvoice
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Paris - Emiratesvoice
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